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It was not all doom and gloom. The group had fewer deductions, so profits after tax were actually up, coming in at £2.7m compared with £1.7m in the second half of 2005.

Morse chief executive Duncan McIntyre said in a statement: "Both Morse and Monitise [the newly formed mobile banking applications business] have made excellent progress during the period.

"Morse is now a unified services company operating under a single brand. Following the period end, demand for its services has remained healthy and the business continues to perform in line with expectations." ®